Core Insights - In 2024, Tiancheng Control (603085.SH) reported a significant revenue growth of 56.27%, reaching 2.23 billion yuan, driven primarily by a 122.79% increase in passenger vehicle seat revenue, which became the main growth engine for the company [1][2] - Despite a net loss of 16.48 million yuan due to increased R&D investments and currency fluctuations, the company laid a solid foundation for profit improvement in 2025, with Q1 2025 showing a revenue increase of 46.74% and a net profit of 21 million yuan, marking a turnaround [1][2] - The company is positioned as a hidden champion in the domestic automotive seat sector, leveraging a "vertical integration + horizontal collaboration" development model to build a comprehensive industrial layout across various segments [1][3] Passenger Vehicle Business - In 2024, the passenger vehicle seat segment accounted for 50.42% of total revenue, surpassing the engineering and commercial vehicle segments for the first time, with revenue reaching 1.05 billion yuan [2][3] - The growth in this segment is attributed to successful project launches and effective capacity release, supported by multiple new project approvals that ensure ongoing growth [2][3] - The passenger vehicle seat revenue has increased nearly tenfold from 2018, reflecting the company's ability to capitalize on opportunities in the new energy vehicle market [3] Engineering and Aviation Business - The engineering machinery and commercial vehicle seat segments generated 718 million yuan in revenue, a 5.89% increase, benefiting from industry recovery and improved client acquisition [4] - The aviation seat segment also showed promise, with a 52.89% revenue growth as the aviation industry gradually recovers, supported by new orders from various airlines [4] - The company is focusing on product development tailored to international markets, enhancing its export market share [4] Future Strategy - The company is expanding its production base for passenger vehicle seats in various locations, including Wuhan and Chuzhou, and is investing in local partnerships to better serve regional clients [5] - International expansion is a priority, with plans to establish subsidiaries and production bases in Southeast Asia to support domestic clients' international strategies [5] - The company is entering the emerging low-altitude economy sector, particularly in eVTOL (electric vertical takeoff and landing) aircraft, leveraging its R&D capabilities and certification experience [5] Market Position - Tiancheng Control has established strong partnerships with major automotive manufacturers, enhancing its market presence and reputation [6] - The company aims to continue its growth trajectory by adhering to its mission of providing comfortable and safe seating solutions through technological innovation [6]